BHCC(SH:600800)2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥520,481,069.15, representing a decrease of 38.96% compared to the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥109,308,597.78, with a diluted earnings per share of -¥0.09[5]. - The net loss for Q1 2023 was ¥109,308,597.78, compared to a net loss of ¥64,571,944.96 in Q1 2022, indicating a worsening of approximately 69.3%[23]. - The company reported a total comprehensive loss of ¥109,370,198.21 for Q1 2023, compared to a loss of ¥64,585,418.38 in Q1 2022, indicating an increase of approximately 69.3%[23]. - Basic earnings per share for Q1 2023 was -¥0.09, compared to -¥0.05 in Q1 2022, reflecting a decline in profitability[23]. Assets and Liabilities - The total assets at the end of Q1 2023 were ¥4,243,621,337.33, down 12.05% from the end of the previous year[6]. - As of March 31, 2023, total assets amounted to RMB 4.24 billion, down from RMB 4.83 billion at the end of 2022, representing a decrease of approximately 12.1%[17]. - Current assets decreased to RMB 1.73 billion from RMB 2.27 billion, a decline of about 23.5%[17]. - The total liabilities decreased to ¥1,440,894,525.57 in Q1 2023 from ¥1,915,250,064.86 in Q1 2022, a decline of about 24.7%[22]. - The total equity attributable to shareholders decreased to ¥2,802,726,811.76 in Q1 2023 from ¥2,909,908,654.62 in Q1 2022, a decrease of approximately 3.7%[22]. Cash Flow - Cash flow from operating activities was negative at -¥191,830,234.84, indicating cash outflow during the quarter[5]. - The net cash outflow from operating activities was approximately -$191.83 million, an improvement from -$233.99 million in the same period last year[26]. - The cash outflow from investing activities was approximately $4.77 million, a significant decrease from $15.52 million in Q1 2022[27]. - The net cash flow from financing activities was approximately -$417.86 million, compared to a positive net cash flow of $20.67 million in Q1 2022[27]. - The company experienced a net decrease in cash and cash equivalents of approximately -$614.45 million in Q1 2023, compared to -$228.84 million in Q1 2022[27]. Expenses - The company's sales expenses increased by 53.95% due to the distribution of last year's year-end performance bonuses[10]. - Research and development expenses decreased by 61.64% as a result of reduced investment in R&D activities[10]. - Research and development expenses for Q1 2023 were ¥22,867,015.09, down from ¥59,618,276.33 in Q1 2022, a reduction of about 61.7%[22]. - The company increased cash payments to employees to approximately $38.50 million, up from $27.51 million in Q1 2022, reflecting a 39.9% increase[26]. - The company paid approximately $28.30 million in taxes, a decrease from $79.83 million in the previous year, indicating a 64.6% reduction[26]. Operational Efficiency - The company continues to focus on cost reduction strategies and improving operational efficiency in response to the financial challenges faced in the current quarter[22]. - The company experienced a 34.50% decrease in operating costs, aligning with the drop in revenue due to reduced production and sales[9]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 45,070[12]. - The company reported a net profit commitment for Bohai Petrochemical of at least RMB 230.33 million, RMB 235.85 million, and RMB 251.55 million for the years 2020, 2021, and 2022 respectively[14]. - Bohai Petrochemical did not meet its 2022 performance commitment, and the group is required to compensate using shares obtained from the asset purchase[15]. - The company is expected to announce further details regarding the performance compensation plan in subsequent announcements[15]. Inventory and Receivables - Inventory increased to RMB 529.68 million from RMB 478.76 million, reflecting an increase of about 10.6%[17]. - Accounts receivable decreased to RMB 60.95 million from RMB 68.46 million, a decline of about 11.0%[17]. Research and Development - The company has ongoing research and development efforts, although specific new products or technologies were not detailed in the provided content[16].